Money dribbles in for OPI investors

OPI Pacific debenture holders were due to receive a 7.64 cents payout yesterday bringing the total return so far to about 20%, according to Paul Wiggins, Gould Wealth Management, chief operating officer.

Tuesday, September 30th 2008, 5:15AM

by David Chaplin

“The payment should go through today [Monday September 29] and flow into clients’ Aegis accounts over the next few days,” Wiggins said.

However, he said OPI confirmed to Gould only its “intention” to make the payment.

“I wouldn’t say anything for definite until I see it in the account,” Wiggins said.

In an update to clients yesterday, Gould also said it appeared the previous cash offer to investors from OPI’s parent company, Octaviar, has been withdrawn.

“According to the information we have received at this point in time the cash offer cannot proceed because several of the pre-requisites necessary were not met,” the Gould note said. “The administrator for Octaviar has not published a view on this matter.”

Wiggins said Octaviar’s voluntary administrator, Deloitte, might “try again” with a cash settlement once the details have been worked through.

Following the appointment of Deloitte as voluntary administrator on September 13, the US vulture fund Fortress also appointed a receiver and manager to recover assets from Octaviar.

“At this stage Fortress has not indicated an intention to appoint a Receiver to OPI Pacific Investments,” a Gould client note said.

Yesterday the Gould update said at this stage Deloitte could not reveal if there were any prior charges against OPI scheduled ahead of secured and unsecured debenture holders.

As well, the note said there was still no information on the state of the OPI loan book or whether the current moratorium should continue.

Wiggins said until the administrators produce a deed of company arrangement for Octaviar - expected at the end of October - the situation would remain unclear.

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